SUPPLY AND DEMAND
The X-Axis on a Demand and Supply Graph
What is the quantity?
The method used to calculate inflation
What is CPI?
What is a limitation of GDP?
Solar energy
What is a land resource?
Cyclical Unemployment
What is the unemployment that occurs during economic downturns
A complimentary item price goes down
What is a demand factor that will shift a graph to the right
Exporters
Who are the losers of inflation?
Wine produced in France
What is not included in GDP?
Command Economy
What is an economic system whereby the government controls the means of production?
Retired people, Full Time uni students, Child carers
Who are people not a part of the labour force?
Minimum wage is abolished
What is a supply factors that will shift the graph to the right?
Importers
Who are the winners of inflation?
What is unsustainable economic growth?
There is no wastage in this economy
What is a traditional economy?
Structural unemployment
What is the unemployment whereby your skills are no longer demanded?
Surplus
What is it called when the quantity supplied exceeds the quantity demanded?
If no one is spending money, no one is making money
What are the negative impacts of deflation?
Eggs to a cake
What is an intermediate good?
This resource is commonly used in conjunction with the labour resource
What is a capital resource?
1 Hour
What is the minimum amount of hours you need to work to be considered employed?
When the price is capped/limited below the market equilibrium
What is a price ceiling?
When a companies resources go up in price.
What is a cost push inflation?
This doesn't put significant pressure on price of goods and services, does not deplete resources
What does a strong and sustainable growth rate achieve?
Elon Musk
What is entrepreneurship?
Detachment and Alienation
What are the social impacts of unemployment?